Guidelines & Regulations

Guidelines & Regulations

Circular on Reprogramming RSA Balance

Procedure for reprogramming RSA balances of Retirees already on programmed withdrawal exercising their rights to transfer to Retiree Life Annuity…

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Revised Circular on Management of the Statutory Reserve Fund

Further to the Commission’s Circular Referenced PENCOM.INSP/CIR/SURV/15/15 of 22 October, 2015 on management of the Statutory Reserved Fund,  the Commission has observed the need to revise the Investment Limits in Section VI of the Circular.

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Circular On The Implementation of Nigerian Code of Corporate Governance for Pension Fund Operators (PFOs)

The Financial Reporting Council (FRC) of Nigeria had in 2018, developed and issued the Nigerian Code of Corporate Governance (The Code). The Code becomes effective from 2 January 2020. Following the issuance of the Code, each sector regulator/supervisor is expected to issue industry specific guidelines.

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DIRECTIVE TO LICENSED PENSION FUND OPERATORS ON SHARING AND TREATMENT OF BROKERAGE COMMISSION ON ALL BOND TRANSACTIONS

The Securities and Exchange Commission (SEC) has through a Circular dated 27 July 2019 directed that only Capital Market Operators duly registered by SEC are eligible to be paid brokerage fee/receiving agents’ commission and such Operators shall not pay or offer a percentage of the commission earned from services provided in transaction as an incentive […]

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Circular on the Implementation of the Requirement for the Provision of the Fidelity Insurance Cover for Employees of PFAs/PFCs

Section 69 (f) of the Pension Reform Act (PRA 2014) mandates Pension Fund Administrators (PFAs) and Pension Fund Custodians (PFCs) to provide annual Fidelity Insurance Cover for all staff to the full value of the pension funds and assets managed or held by them or as may be determined by the Commission

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Revised Guidelines for Retirement Savings Account (RSA) Registration

The ECRS is an upgrade of the Contributor Registration System (CRS) earlier deployed by the Commission for the registration of participants of the Contributory Pension Scheme (CPS). The ECRS has the following functionalities:   i) Provides an electronic platform for the submission of requests by Pension Fund Administrators (PFAs) for the registration of unique contributors […]

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Issues on the Transition from the Contributor Registration System (CRS) to the Enhanced Contributor Registration System (ECRS)

PFAs would recall the various engagements of the Commission during the process of the development of the Enhanced Contributor Registration System (ECRS), and their subsequent participation in the pilot test of the application, preparatory to the deployment of same.

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AMENDED REGULATION ON INVESTMENT OF PENSION FUND ASSET – FEBRUARY 2019

The requirements of this Regulation are consistent with the provisions of the Pension Reform Act, 2014. The purpose of the Regulation is to provide uniform rules and standards for the investment of pension fund assets.

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